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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 18585
Experience:  B.A.; M.B.A.; J.D.
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I might have to do a bankrupcy in the neat future and I have

Customer Question

I might have to do a bankrupcy in the neat future and I have my main homestead and an investment apartment how do I protet the apartment
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 7 years ago.

Could you explain a little bit?

 

What state are you in?

 

How much is your homestead property worth?

 

How much is the outstanding mortgage on it?

 

How much is your investment property worth?

 

How much is the outstanding mortgage on your investment property?

Customer: replied 7 years ago.

I live in Miami Fl

Homestead is woth about $389,000.00

owe $355,000.00

Investment property worth about 100,000.00

Balance on investment 76,000.00

Expert:  Phillips Esq. replied 7 years ago.

Thank you for your quick response.

 

Now to your question:

 

how do I protet the apartment

 

Response: You need to refinance the property so that there is little or no equity in it when you file. Currently, if you file for bankruptcy, you would have to pay to the bankruptcy trustee $24,000.00 in order for your bankruptcy case to be completed: $100,000.00-$76,000.00. As you know, you can only claim one homestead. So. claiming the property is another homestead is out of the question.

Customer: replied 7 years ago.
Im sorry I went on line to find how to for a corparation to protect the apartment incase of a bankrupcy and I googled corporations and you guys came up. I thought that is what you did so I gues the question was asked wrong.